IFLR 1000
The Guide to the World's Leading Financial Law Firms

Paul Weiss's Hong Kong office is a well respected private equity boutique. The firm focuses on what it does best, with top partners Jeanette Chan and Jack Lange impressing clients and competitors alike.

Morgan Stanley Private Equity proved a repeat customer, calling on the firm's expertise several times. Notably, Paul Weiss assisted on a $100 million plus investment into China Flooring Holding Company and counselled on a $770 million investment into Crown Golden Investments, a Chinese real-estate developer. Olympus Capital Holdings also chose Paul Weiss to help on the purchase of $100 million exchangeable notes issued by Zhongwang International Group.

The firm is however doing more public M&A work, setting up several joint ventures. MIH India hired Paul Weiss on an equity investment into a joint venture with ADPG Media Group, while MIH India hired the firm to establish a joint venture with Tencent Holdings.

Elsewhere, Sumitomo Metals mandated Paul Weiss regarding a joint venture with China Steel Corporation to set up production in Ho Chi Minh City. Microsoft also turned to the firm for a deal in India.

February 2009 was a memorable month for Paul Weiss, marking the closure of one of the firm's long-standing deals. The firm, led by Jack Lange, assisted Sumitomo Corporation on financing for the $2 billion Tanjung Jati B project. The deal was particularly complicated because the plant had to be built on an existing project site and the financing had to be ringfenced within one project company.

Clients from the media sector roundly applaud Paul Weiss' expertise. "They have always been excellent. They are not cheap, but they know the field very well and try and find business solutions to problems – they are not academic lawyers," says one client. "Their response times have been very good and we have always been made to feel that we are very special clients for whom no effort is too much."

Jeanette Chan is described by one client as "a remarkable lawyer". "She is very responsive and extremely knowledgeable," says another client. Another client also praised Jack Lange as "very good and extremely experienced", adding: "The teams worked well together and provided a largely seamless service."

One highlight this year was advising MIH China (Mauritius) on its equity investment in a joint venture with ADPG Media Group and the subsequent acquisition of assets from ADPG, a print media company in China's Anhui province which holds 63% of the equity interests in the joint venture. Chan also represented Microsoft on its equity investment in a foreign-invested company majority-owned by Tata Consultancy Services. an information technology consulting business in China.

Morgan Stanley Real Estate Funds and Morgan Stanley Special Situations Group also instructed the firm on a $770 million investment in Crown Golden Investments, a resort and residential developer in southern China's Hainan province.

"We appreciate their willingness to engage in a discussion of what our actual requirements are for their services in each engagement rather than having a 'one size fits all' approach," says one client. "We have found Paul Weiss to be a good fit as measured by cost-effectiveness and strength of legal skills for the China market."

Paul Weiss Rifkind Wharton & Garrison has an active M&A practice that is sometimes overshadowed by its top-tier and market-leading private equity offering. Jeanette Chan is the main partner on the M&A front of this small outfit that works on high-end, complex transactions.

"Paul Weiss is very professional and responsive to our requirements," notes an approving client. "They are also very creative in structuring and can think beyond legal issues."

Examples of its work this past year include its role as international counsel to Microsoft in its equity investment in a foreign-invested enterprise limited by shares majority-owned by Tata Consultancy Services, and its representation as international counsel to MIH China on its joint venture via equity investment with ADPG Media Group.

Although its key partners would vigorously contest – and rightfully so – that they do other types of work, in this market Paul Weiss is synonymous with private equity. The small but highly capable shop has a stellar reputation for its downstream private-equity skills. John "Jack" Lange and Jeanette Chan are two of the very few true private-equity specialists in town, as evidenced by the fact that they have remained busy through a tumultuous year, acting on several of the market's most sophisticated and complex deals.

Clients commend the duo for their sharp commercial acumen. "Jeanette [Chan] is very knowledgeable in her areas of expertise," says a client. "She works hard and she makes sure your interests are well protected and that you end up in the most favourable position possible in your deals." Another praises Lange: "Jack is extremely experienced, responsive and he gets the job done."

In the past, Paul Weiss has helped leading global funds like KKR and Carlyle execute landmark transactions in Asia. The firm continues to build up its portfolio across the region and prides itself on being selected by choice clients to work on high-end transactions. An example of this is when Morgan Stanley Private Equity Asia enlisted Lange and his team to help it in connection with its $100 million investment, along with International Finance Corporation (part of the World Bank group), in a Chinese flooring holding company.

Chan advised Morgan Stanley Real Estate Funds and Morgan Stanley Special Situations Group in relation to a highly challenging $770 million investment in Crown Golden Investments for a 30% interest in a company that develops high-end resort and residential projects in the PRC. Another illustration of how the firm creates innovative structures as a solution for its client is in Paul Weiss' role acting for Olympus Capital on its $100 million exchangeable note investment into Zhongwang International Investment Group.

"I would definitely recommend Paul Weiss, particularly for the media and entertainment industry," commends one client. "Jeanette Chan is knowledgeable, resourceful, has good networks in the industry, and she has been helpful to us in navigating the complex regulatory regimes that exist in many countries in the region."

Paul Weiss Rifkind Wharton & Garrison partner John "Jack" Lange began his career as a project finance lawyer and often represents project developers and borrowers.

This past year applied his experience and knowledge to advising the borrower and its shareholders, sponsor Sumitomo and the energy performance certificate contractors in the $2.5 billion Indonesia Tanjung Jati B power plant expansion project.

This deal was extraordinary in that legal counsel involved had to create a viable project financing structure. The firm had to work out highly complex arrangements to synthetically separate two projects (because its client Central Java Power (CJP) already owned a power plant of similar size, on the same parcel of land, but financed by different lenders) and their related assets and cash flows.

Paul Weiss also represented CJP in the original Tanjung Jati B project.

Paul Weiss Rifkind Wharton & Garrison has stamped its presence as a formidable player in the capital markets arena, particularly in representing key issuers. For example, Mitsubishi UFJ Financial Group (MUFJ) worked with Paul Weiss on two of its major capital markets deals recently.

Top lawyers Tong Yu and Kaye Yoshino routinely win accolades from competitors and clients. "Really, it's no comparison between the commitment we get from them and from others," lauds a client. "They really go above and beyond the level of service we get from other law firms with their availability, professionalism and dedication. They were quick to volunteer and give us someone for secondment and are always willing to help us out in other areas."

Yu, a Securities and Exchange Commission (SEC) expert, led a team on MUFJ's share exchange transaction to establish Mitsubishi UFJ Nicos. In another significant mandate, Yu again headed a team for MUFJ on its $4.2 billion global offering through the sales of shares in three concurrent tranches - an SEC-registered tranche, a Japanese domestic tranche and a Regulation S tranche. This was the largest equity offering completed by a Japanese issuer in 2008.

"They're our number one choice by far," proclaims a happy client of Paul Weiss Rifkind Wharton & Garrison's corporate M&A team. "We use them extensively and we've had great experiences with them. Even now, we've got them really busy."

The team moves up to tier two on the back of strong market feedback and its presence on a number of stellar transactions this year. One peer notes: "They've been quite active this year and have strong corporate ties."

The firm does not churn out a high volume of transactions, but acts on select high-end cross border deals. Partners Kaye Yoshino and Tong Yu are much-acclaimed players in the market, with one client lauding: "The combo of Tong and Kay together is fantastic. We knew Kaye very well as she'd helped us before on other matters, and Tong has a very credible track record. They both helped us on a matter and the quality and dedication was unsurpassed." Masa Shiga is praised by a client: "He is knowledgeable, precise, experienced and gives good advice."

Yu this year led a team counselling Toyama Chemical in relation to a share exchange transaction which resulted in Fujifilm Holdings and Taisho Pharmaceutical jointly acquiring Toyama for $1.44 billion. Another highlight was advising Sony Corporation on its $1.2 billion acquisition of 50% ownership interest in Sony BMG music entertainment from Bertelsmann.

Yoshino additionally featured for Oaktree Capital Management on its first tender offer in Japan for a J-Reit, and for Citigroup on its disposition of Nikko Antfactory KK shares.

"Paul Weiss has a good mixture of Japanese bengoshi and US-trained lawyers to provide us with quality advice," notes one client.